The hearing, which was held by the Senate Committee on Banking, Housing, and Urban Affairs, touched on a broad range of regulatory concerns related to cryptocurrencies and blockchain technology, including initial coin offerings (ICOs), trading platforms, derivatives and exchange-traded funds (ETFs), and the assets’ perceived use to perpetrate financial crimes and subvert international sanctions. In their opening statements, both Clayton and Giancarlo expressed concern about the fact that cryptocurrency exchanges are currently regulated at the state level rather than the federal, and each reiterated that, at some undefined point in the future, Congress may want to increase federal regulators’ ability to oversee the spot markets.
Cryptocurrency prices began to creep back into positive territory after two top US market regulators signaled a cautious approach to cryptocurrency regulation during Tuesday’s high-profile Senate hearing. Securities and Exchange Commission (SEC) Chairman Jay Clayton and Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo spoke before the Senate Committee on Banking, Housing, and Urban Affairs for more than two hours, delivering prepared remarks and answering pointed questions from regulators. As CCN reported, Clayton and Giancarlo largely stuck to the script during the hearing, calling for “carefully tailored” regulation of cryptocurrency exchanges at the federal level but cautioning legislators against acting too quickly — or with a heavy hand.
Datawallet’s DXT token sale sold out today after reaching its $40 million goal. The pre-sale on Jan. 22, 2018 sold out in 55 seconds, raising $8 million. The C2B data exchange allows for the transparent exchange of data between consenting consumers and businesses. Users can link multiple data sources from social media, online commerce and offline transactions to their DataWallet app and opt-in to share it with companies interested in acquiring this data. All data is entirely anonymized and can be reviewed by the user at any given time, providing control over deciding who is a worthy recipient of their data, transparency around how the data will be used, and the ability to profit from assets that are rightfully theirs.
An official government report reveals details of a speech from Taiwan’s vice president of the executive branch of government Shih Jun-ji, speaking at a financial seminar on Friday when he touched upon the topic of cryptocurrencies and their possible impact on the island nation’s financial environment. The official called on the government to introduce measures to manage the cryptocurrency sector after underlining the soaring gains and development of cryptocurrencies in recent years. Shih was speaking at the Taiwan Academy of Banking and Finance when he elaborated on bitcoin, specifically, noting its market capitalization of $160 billion dollars (with bitcoin price pegged at $10,000) would be more than twice the entire financial budget of Taiwan’s government. Having done his homework, the official also added that the valuation of bitcoin, at $160 billion, would be equal to the total assets of all Taiwanese banks and onone-thirdf the country’s foreign exchange reserve. Put simply, the impact of bitcoin and other cryptocurrencies should not be underestimated, Shih said.
Claims of cryptocurrencies being possibly used for terrorism and contraband purchases dates back several years now and are almost as old as the market itself. So far, however, there has been no major evidence linking the two, apart from the Silk Road scandal that revealed bitcoin to be the primary vehicle for drug and armament related transactions. Despite that fact, it is important to note that cryptocurrencies, including bitcoin, have found several legitimate uses. It is clear now that India does not wish to embrace cryptocurrencies as a payment alternative and instead, regulate them as a new asset class. Such behavior has been demonstrated by several governments in the past, including the United States. After all, permitting payments in cryptocurrency allows people to bypass state-backed fiat currencies entirely.